How to Tackle Hard Times - 5 quick tips
As of midnight tonight up until the 23rd of May
- All bars and restaurants will be closed
- All malls and shopping centres will be closed
- All churches, mosques, temples and other places of worship will be closed
- All gyms and team sports will be halted
- All spas, hairdressers, barber salons will be closed
- All events and parties will not be permitted
- All beaches will continue to be closed
- All air and sea borders to regular travel will continue to be closed
I sat in horror as this message was read by our Prime Minister to the nation, Trinidad and Tobago, in a televised address this past Friday. He said it was being implemented due to a sudden upsurge in positive Covid-19 cases and deaths. It was yet another blow to many large and small businesses already reeling from the impact of the pandemic.
External shocks like the pandemic or hurricanes like Dorian in 2020 that whipped through the Caribbean, or the La Soufriere volcano which erupted in St. Vincent can have very severe consequences on your business and livelihood.
Finding new revenue streams, therefore, has to be a focus of the management of any business in tough times like these
PHOTOS COURTESY OF SHUTTERSTOCK
1. Think again about how you could help your customers
Reimagine ways in which you can help your customers. For instance, there are many food businesses that are not online. By providing an e-commerce website or delivery app you not only provide assistance to that struggling restaurant but you also help families a quick and easy way to get their food of choice delivered to their doorstep.
Another example of really thinking outside of the box was Flaming Lips' use of inflatable balls to manage the social distance between concert-goers. It might not catch on globally however it demonstrates a unique and safe way to bring people together. And if you are wondering they use signs in some way if you want a drink or need to use the bathroom.
2. Reconsider the use of underutilized resources
What assets are laying around your house or office that you could put to better use? I have a friend who specialized in providing invitations and printing for the weddings and events market, which is in shambles at the moment. She loves dogs and has a car. I recommended to her that she become a driver for a local company doing small deliveries and that she offer herself as a dog walker. She has done both and now is making enough income to pay her bills.
3) Reassess an opportunity you avoided previously
When times are really tough sometimes you may wish to think again about way in which you could earn new revenue streams. Try to understand what prevented you from going forward before? I have two girlfriends that knew each other and were catching their behinds to pay their rents. I suggested that they move in together since they were both singles and one of the apartments had two ensuite bedrooms. They put aside their complete i+ndependence and now are much more comfortable economically.
4. Go Evergreen!
Evergreen products and services are always in demand due to the basic customer needs they satisfy regardless of tough economic conditions that exist. Evergreen niches include health, gaming, wealth, fitness, relationships, education and mental health. By including products and services you can smooth out your cashflow and better withstand market fluctuations.
5. Leverage the Power of the Many
You are not the only person in your sector experiencing a downturn. Your challenge, therefore, is to locate experts, periodicals, research, off and online groups, Influencers, etc that are providing solutions to your sector’s issues.
By cultivating new relationships, immersing yourself in niche communities, leveraging social media, exchanging valuable content, and acknowledging their wins, you can cultivate deeper, more profitable connections with followers who will be more likely to remain loyal to your small diverse business long-term.
There are very many other methods of course to deal with tough times. Let me know what your simple tip might be and remember to hit me up a like.
I hope this has given you a glimmer of the types of small changes you can make to perhaps make your own situations just that bit easier to manage.
All the best to you all,
Hugh
Invest in Yourself it Pays the Highest Rewards
Recent Comments
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Australia has managed to get rid of covid and things have gone back to normal. I do however feel for countries around the world that are still grappling with this terrible pandemic, especially India. It's also reassuring to see vaccines being rolled out across the world. We will get through this eventually.
Our biggest problem is that Venezuela is in crisis and as a result refugees are fleeing to Trinidad, which is only 7 miles over water apart. Vaccines however have not rolled out as you think just yet because the big countries are holding back drugs to handle their own populations. Smaller countries have to go through COVAX and with India now in mess, the biggest manufacturer, there is a massive shortage. This delay is what our worry is. Hopefully though with your prayers we will be okay
Good morning Hugh, nice of you again to think of how to handle our situation but as we go along it’s amazing how we find our way to adjust in every angle of what life’s throw at us! Tip of yours well appreciated!
Together we can remind ourselves to continue to live the best we can and the most is partipation of how we can prevent to spread it,
So glad I find these WA community!
Cheers
Joce
Thanks Joce. If there are any ways you or someone you have been able to make a lil extra on the side let me know
I know its not easy Hugh to be honest with you got 3 cousins in the Philippines, got positive and only 3 weeks they are gone.
Their age range in 47,38,28 years old, for they never thought seriously, and they went still to go to work, so sad cuz did not follow safety first, why they do lockdown as they were thinking of making money to buy foods but what is the use of having money if you not able to eat then.
So now all the family doing gardening vegetables in their back yard and if no back yard they plant them in the pot, yes pot and they harvest 28-34 days so they avoid to go to the market to buy vegetables, doing sharing and barter what you got just to avoid going out until it safe.
Simple one but it works!
Your idea is fantastic Hugh!
Take care and your family too!
joce
Glimmer Hugh? I could go glutten on this! Lol :-))
No seriously these major changes that have been made were out of our hands, but at least most of us are hungry for adaptation and innovation. Thinking out of the box is like a new craze now, much like the eagerness to thrive under the most difficult circumstances.
Your post has added some good flavour to the mix. Thank you.
Thanks for sharing, sorry about the difficulties you are having, In the US things are getting better, with the vaccine's available...yes I took mine. I really enjoyed your articles, its the reality of it. What we all have been through. One day we will look back on this as history. Stay strong.
Very happy you got your shot Chelsey and that I bring you a small cheer through my articles. Keep safe and beautiful
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I always believe in the phrase 'necessity is the mother of invention', and throughout this pandemic, many businesses have had no choice but to become innovative that they would not have thought of pre-Covid. Thanks for the tips and we're in this together, so be safe and keep the positivity flowing. We need it!
Maria